Cable & Wireless snapped up by Liberty Global in multi-billion-pound deal which could trigger £11m windfall for its chief executive

Cable & Wireless Communications was snapped up by Liberty Global last night in a multi-billion-pound deal which could trigger an £11m windfall for its chief executive.

The London-based telecoms group has agreed to the takeover from American rival Liberty, in a £3.6bn, 86.82p per share deal.

CWC’s boss Phil Bentley is in line to make up to £11.4m from the acquisition. He bought 4.3m shares when he joined Cable and Wireless and reinvested them rather than take a dividend. This brings the total he owns outright to 5.3m.

Sanpped up: The London-based telecoms group has agreed to the takeover from American rival Liberty

But he has another 7.8m shares tied up in lucrative long-term rewards schemes, which Liberty could be forced to buy-out.

Bentley is no stranger to controversy over pay, after leaving his former job as boss of British Gas with a pay, perks and pension package worth up to £13m.

The merger will see the UK’s most historic telecommunications firm link up with the world’s largest international cable television company. The deal is expected to be completed by the second quarter of 2016, and the combined firms will have 10m subscribers.